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The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.

Trucking Risk Insights - Trucking Industry Trends to Watch in 2024

Trucking Industry Trends to Watch in 2024

March 12, 2024
Trucking industry conditions are constantly evolving, and businesses in the truck transportation subsector need to be aware of the changing landscape to maintain operational success. This year, trends that could impact the industry include economic challenges, driver shortages, social inflation contributing to rising commercial auto insurance rates, and utilizing electronic vehicles (EVs) in compliance with…
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Identity Theft Resource Center Reports Data Compromise Record with Three Months Left in the Year

Cyber Update – Identity Theft Resource Center Reports Data Compromise Record with Three Months Left in the Year

October 18, 2023
A data breach report from the nonprofit Identity Theft Resource Center (ITRC) found that there were 2,116 publicly reported data compromises in the U.S. market during the first nine months of 2023. This figure represents the most in a calendar year, and there are still three months to go. The previous high mark was set…
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7 Factors Driving Commercial Property Insurance Costs

7 Factors Driving Commercial Property Insurance Costs

September 14, 2023
Several cost-driving trends have contributed to the hard commercial property insurance market. This environment has led to continuous rate increases and other challenging conditions. In these circumstances, it’s crucial for businesses to understand why premiums have been rising. This article discusses seven factors currently impacting commercial property insurance costs. Contact Ollis/Akers/Arney Insurance & Business Advisors…
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2023 Cyber Insurance Midyear Market Outlook

2023 Cyber Insurance Midyear Market Outlook

July 8, 2023
Increasing threat vectors and growing attacker sophistication have consistently driven up cyber incidents in recent years, causing a rise in cyber insurance claims and related losses. Alongside unprecedented segment growth, such challenging market conditions led to most insureds experiencing steep rate hikes, additional underwriting scrutiny and various policy restrictions— particularly pertaining to coverage for ransomware,…
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U.S. Senate Sends Debt Ceiling Bill to White House

U.S. Senate Sends Debt Ceiling Bill to White House

June 4, 2023
On June 1, 2023, the U.S. Senate passed the Fiscal Responsibility Act of 2023 to raise the debt ceiling by a bipartisan vote of 63-36 only three days before the United States risked defaulting on its debt for the first time. The U.S. House of Representatives approved the bill on May 31, 2023, by an…
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EEOC Issues Guidance on Artificial Intelligence and Title VII of the Civil Rights Act

EEOC Issues Guidance on Artificial Intelligence and Title VII of the Civil Rights Act

May 21, 2023
On May 18, 2023, the Equal Employment Opportunity Commission (EEOC) issued new guidance aimed at helping employers that use automated systems, including those with artificial intelligence (AI), comply with federal fair employment laws.  The new guidance focuses on preventing discrimination under Title VII of the Civil Rights Act (Title VII), which applies to employers with…
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WHO Declares End of COVID-19 Global Health Emergency

WHO Declares End of COVID-19 Global Health Emergency

May 7, 2023
On May 5, the World Health Organization (WHO) announced that the COVID-19 pandemic is no longer a global health emergency after three years.  WHO officials explained that although COVID-19 continues to spread and evolve, its threat at a global level is now at a much lower level of concern. They stressed that the COVID-19 pandemic…
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Key Elements of an Effective Cyber Incident Response Plan

Key Elements of an Effective Cyber Incident Response Plan

February 26, 2023
Through proper response planning, businesses can mitigate potential damages that may arise from cyber incidents. Yet, it’s important to note that cyber incident response planning requires coordination across a company. An effective response plan should outline: Cyber incident response plans should address a variety of possible scenarios and be communicated to all applicable parties. These…
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Small Business Insights - How to Manage Business Risks

Small Business Insights – How to Manage Business Risks

February 15, 2023
A vital aspect of running a small business involves managing its associated risks, as no operations are immune to internal or external threats. A risk management plan involves implementing various techniques that can help mitigate or prevent loss. There are multiple ways a company can organize its risk management plan, but steps commonly consist of…
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Cybercrimes Against Small Businesses Decrease, Although Risks Remain

Cybercrimes Against Small Businesses Decrease, Although Risks Remain

January 28, 2023
Small businesses and self-employed people saw fewer cyberattacks and data breaches over the past 12 months. Still, significant risks remain for this corner of the economy, according to the Identity Theft Resource Center’s (ITRC) 2022 Business Impact Report. The ITRC recently surveyed 450 people who led small businesses or were self-employed about their experiences with…
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